BloomsburyPublishing - Unaudited Interim Results
RNS Number : 9504ZBloomsbury Publishing PLC22 October 2026BLOOMSBURY PUBLISHING PLC
Interim Results (Unaudited) for the six months ended 31 August 2026
Strong start to second half underpinning record expectations for 2026/27
Bloomsbury Publishing Plc (LSE: BMY, “Bloomsbury” or “the Company”), the leading independent publisher, today announces unaudited results for the six months ended 31 August 2026.
Commenting on the results, Nigel Newton, Executive Chairman, said:
“Bloomsbury is celebrating its 40th anniversary since we founded the company in September 1986. Bloomsbury has published over 200,000 titles, eight Nobel Prize winners, four Booker Prize winners and four winners of the Women’s Prize.
Bloomsbury is pleased to report first half revenue of £151.6m with profit1 of £16.8m and a strong start to the second half of the year, underpinning the Board’s confidence in delivering record results for the full year.
The Consumer Division growth is weighted to the second half with scheduled releases from many of our bestselling authors. September started with bestsellers from Gillian Anderson with More and Stephen Graham with Letters to Our Sons. We are excited to be launching two hugely anticipated new novels from Sarah J. Maas and HBO Max will launch J.K. Rowling’s Harry Potter series on Christmas Day, introducing the series to an expanded readership.
In the Academic & Professional Division, we are seeing good underlying growth in all territories and in both print and digital. Bloomsbury continues to benefit from ongoing AI licensing revenue in 2026/27.
In September 2026, we announced a five-year leadership succession plan providing long-term continuity and stability for Bloomsbury’s shareholders, authors and colleagues.
In recognition of the strong net cash position and our confidence in the outlook, the Board declares an interim dividend up 5% year on year to 4.28 pence.
Bloomsbury has an unbroken 31-year track record of dividend growth every year since flotation in 1994. £10,000 invested in Bloomsbury at flotation in 1994 would be worth £624,000 with dividends reinvested.
The Board looks to the current year with confidence in delivering record results in 2026/27, in line with expectations.”
Financial Highlights
- Group revenue of £151.6m (H1 2025/26: £159.5m)
- Group Adjusted Profit (before taxation and highlighted items1) of £16.8m (H1 2025/26: £24.0m)
- Additional $10m repayment of Rowman & Littlefield acquisition loan in H1 2026/27
- Net cash is £22.8m; capital allocation priorities are organic growth, dividends and acquisitions
- Interim dividend increased by 5% year on year to 4.28p per share (H1 2025/26: 4.08p per share)
- Bloomsbury will be a beneficiary of the Anthropic settlement - we are continuing to work through the outcome of the settlement and will provide a further update in due course
Operational Highlights
- Five-year leadership succession plan announced with a new Chief Executive in two years’ time and Nigel Newton retained as Executive Chairman to ensure continuity
- Good progress with new streamlined and simplified organisational structure operating effectively
- Internal AI usage increased; rolled out Gemini Enterprise and agentic workflows
- Working capital improvement has been driven by good progress on stock decreases
Consumer Division Highlights
- Consumer revenue of £102.8m (H1 2025/26: £113.4m), with growth weighted to the second half
- Adjusted Profit1 of £9.8m (H1 2025/26: £13.4m) with margin of 9.5% (H1 2025/26: 11.8%)
- Margin 11.6% excl. Special Interest; sale processes of Who’s Who and Osprey Board Games begun
- Bestsellers included Alex Aster’s Starside and Hugh Fearnley-Whittingstall’s High Fibre Heroes
- Gillian Anderson’s More and Stephen Graham’s Letters to Our Sons were Sunday Times bestsellers
- Sarah J. Maas new novels A Court of Splintered Harmony and A Court of Forgotten Melody will be released on 27 October 2026 and 12 January 2027, respectively
- HBO’s Christmas Day launch of J.K. Rowling’s Harry Potter series will have a new TV tie-in edition of Harry Potter and the Philosopher’s Stone, reaching a new generation of readers
Academic & Professional (“A&P”) Division Highlights
- A&P revenue is up 5.9% to £48.8m (H1 2025/26: £46.1m), showing encouraging signs of recovery
- Underlying growth in all territories and in both print and digital formats (excluding AI licensing)
- Continuation of our non-exclusive AI licensing agreement, though to a lesser quantum leading to a reduced margin
- Adjusted Profit1 of £6.8m (H1 2025/26: £11.0m) with margin of 13.9% (H1 2025/26: 23.9%)
First Half Results
2026/27
2025/26
2024/25
2023/24
Revenue
£151.6m
£159.5m
£179.8m
£136.7m
Adjusted Profit1
£16.8m
£24.0m
£26.6m
£17.7m
Profit before taxation
£9.3m
£18.3m
£22.1m
£14.0m
Adjusted diluted earnings per share
16.67p
22.98p
24.68p
17.47p
Diluted earnings per share
8.58p
16.79p
20.10p
13.66p
Net cash2
£22.8m
£2.4m
£9.7m
£39.1m
Interim dividend per share
4.28p
4.08p
3.89p
3.70p
Notes
- Adjusted Profit is profit before taxation and highlighted items. Highlighted items comprise amortisation of acquired intangible assets and legal and other professional costs relating to ongoing and completed acquisitions, integration and restructuring costs.
- Net cash is cash and cash equivalents less borrowings.
Bloomsbury will be hosting a meeting for analysts and Shareholders at 9 am which is available via this link: https://sparklive.lseg.com/BloomsburyPublishing/events/6dcc8c9c-68ef-428e-92d2-4ed96d9ab87d/bloomsbury-interim-results
Executive Chairman’s Statement
Overview
Bloomsbury achieved H1 2026/27 revenue of £151.6m and Adjusted Profit of £16.8m with a margin of 11.1%. We have successfully pursued our long-term strategy of combining consumer and academic publishing which has created a portfolio of portfolios - a model that continues to provide Bloomsbury with diversification and resilient success.
We are progressing with key operational changes to support growth and enhance profitability through financial efficiencies. In April 2026, we announced a restructuring with which we have taken the first steps to simplify and streamline our structure. This has enhanced agility, accountability and positions the Company for continued expansion.
Group Financials
Bloomsbury’s revenue was £151.6m (H1 2025/26: £159.5m) and Adjusted Profit was £16.8m (H1 2025/26: £24.0m). Profit before taxation was £9.3m (H1 2025/26: £18.3m).
Highlighted items totalled £7.5m (H1 2025/26: £5.7m) comprising amortisation of acquired intangible assets of £4.3m (H1 2025/26: £4.5m) and one-off integration and restructuring costs of £3.2m (H1 2025/26: £1.2m).
The effective rate of tax for the six months was 24.7% (H1 2025/26: 24.6%), with an adjusted effective rate of tax, excluding highlighted items, of 19.0% (H1 2025/26: 21.7%). Net finance costs were £0.3m (H1 2025/26: £0.7m).
Adjusted diluted earnings per share were 16.67p (H1 2025/26: 22.98p) and diluted earnings per share 8.58p (H1 2025/26: 16.79p).
The interim dividend will increase by 5% to 4.28p per share (H1 2025/26: 4.08p per share).
Bloomsbury has a strong net cash position of £22.8m at 31 August 2026 (H1 2025/26: £2.4m). This consists of cash of £30.1m and a term loan of £7.3m. We have repaid $27.5m of the debt associated with the acquisition of Rowman & Littlefield, $10.0m of which was in H1 2026/27. The remaining $10m loan matures in May 2027.
Consumer Division
The Consumer Division consists of Adult, Young Adult, Children’s and Special Interest publishing. Consumer revenue was £102.8m (H1 2025/26: £113.4m) and Adjusted Profit was £9.8m (H1 2025/26: £13.4m) with a margin of 9.5% (H1 2025/26: 11.8%). The margin would have been 11.6% excluding Special Interest and we announced the decision to sell Who’s Who and Osprey Games earlier this year. Profit before taxation was £9.5m (H1 2025/26: £13.1m).
In the first half of 2026/27, Alex Aster’s Starside and Hugh Fearnley-Whittingstall’s High Fibre Heroes were Sunday Times bestsellers. Other notable successes have been Ann Patchett’s Whistler, the latest in Sheena Dempsey’s bestselling Pablo & Splash series Viking Voyage, and Katherine Rundell’s The Neverfear, the third in the five book Impossible Creatures series.
Growth is second half weighted and the new novels for H2 2026/27 include many of our bestselling authors. In September, Gillian Anderson’s follow-up to Want, titled More, and Stephen Graham’s Letters to Our Sons, became instant Sunday Times bestsellers. Sarah J. Maas’ much anticipated next two novels in the A Court of Thorns and Roses (‘ACOTAR’) series, A Court of Splintered Harmony and A Court of Forgotten Melody, will be published on 27 October 2026 and 12 January 2027, respectively.
HBO will release their series of J.K. Rowling’s Harry Potter on Christmas Day, ensuring a huge family audience. Non-traditional book retailers, including major supermarkets, have placed orders for Bloomsbury’s new TV tie-in edition of Harry Potter and the Philosopher’s Stone with a stunning film-based jacket, creating the opportunity for the series to reach a large new generation of readers. In addition, a new illustrated edition, Harry Potter and the Half-Blood Prince – Illustrated, was published on 6 October 2026. The Pocket Potters series began with Harry Potter, Ron Weasley and Hermione Granger – followed by Hagrid and Dobby in August 2026 and Fred & George Weasley to be published in February 2027.
Academic & Professional Division
The Academic & Professional Division (A&P) consists of academic and professional publishing. A&P showed encouraging signs of recovery as revenue increased by 5.9% to £48.8m (H1 2025/26: £46.1m), with underlying growth in all territories and in both print and digital (excluding AI licensing) in the first half. The intellectual property value and quality of our academic list enabled us to continue our non-exclusive AI licensing agreement in 2026/27, though to a lesser quantum leading to a reduced margin. Adjusted Profit was £6.8m (H1 2025/26: £11.0m) with a margin of 13.9% (H1 2025/26: 23.9%). Profit before taxation was £2.8m (H1 2025/26: £6.8m).
Our partnership with Google has enabled us to experiment with new forms of content discovery, including the use of AI-driven search within our digital archive resources.
We have also taken part in piloting Google’s new Expert Intelligence initiative which launched in August 2026, enabling users to interact with trusted expert content through Google's AI tools. Within Google Gemini Notebook, users can import eligible purchased ebooks containing trusted publisher content and then ask questions about that content, receive cited responses, and generate personal study aids.
Bloomsbury has two featured Notebooks on Google’s platform, How to Study and What is Philosophy?. These have driven strong engagement, with How to Study evolving into a highly successful study coach, attracting 568,000 readers. This has increased visibility of our content and authors while also strengthening brand awareness.
We have expanded our business in Asia by opening an office in Singapore as a hub to further capitalise on the projected growth in the student population in the region, building on the success of our established offices in Australia and India. Via our newly established Singapore office we are developing a new Asia Studies digital publishing vertical, establishing strong relations with key institutions and, following a successful round of meetings at Beijing International Book Fair, have made progress in advancing publishing partnerships with several major publishing houses in China.
Anthropic
The Group is a Class Member in the U.S. copyright class action lawsuit (Bartz et al. v. Anthropic PBC), in which the U.S. District Court for the Northern District for California ruled that Anthropic faced liability for downloading pirated books to build and maintain a central library. On 20 July 2026, the Court granted final approval of a Class-wide Settlement Agreement under which Anthropic PBC agreed to establish a total settlement fund of $1.5 billion to resolve claims relating to such actions. The Group has submitted claims to the Settlement Administrator in accordance with the terms of the Settlement Agreement, and is currently working through the settlement process.
Acquisitions
Bloomsbury has a successful track record in strategic acquisitions, with 34 completed to date. We will continue to assess further acquisition opportunities.
Dividend
The interim dividend will increase by 5% to 4.28p per share (H1 2025/26: 4.08p). The interim dividend will be paid on 27 November 2026 to Shareholders on the register on the record date of 30 October 2026. Bloomsbury reiterates its intention to increase the dividend for the full year in-line with market expectations.
Board Changes
In April 2026, we announced the appointment of Jenny Ridout to Bloomsbury’s Board as an Executive Director. Jenny will continue leading our Academic & Professional Division.
Bloomsbury also announced the appointment of Chris Blatchford to its Board as a Non-Executive Director, effective from 19 May 2026. Chris is Chief Technology Officer at Kingfisher plc, and was formerly Chief Technology Officer for Research at Elsevier. Baroness Lola Young retired from the Board at the conclusion of the 2026 Annual General Meeting.
In September, we announced the five-year leadership succession plan. Nigel Newton became Executive Chairman, and a new Chief Executive will be appointed in two years’ time. Nigel Newton will remain as Executive Chairman for the first three years of their tenure to support key strategic relationships and ensure a smooth and successful transition. At the conclusion of the five-year succession plan, Nigel Newton will become Non-Executive Chairman.
John Bason moved from Chairman to Deputy Chairman as well as becoming Senior Independent Director with enhanced responsibilities. The Chief Executive appointment process will be led by John Bason as Chair of the Nomination Committee and will consider internal and external candidates.
Current Trading and Outlook
The Board looks to the current year with confidence in delivering record results in line with Adjusted Profit expectations.
Bloomsbury’s portfolio of portfolios strategy, our authors, customers and the scale and resilience of our business continue to underpin the confidence we have in the future.
Note
The Board considers consensus market expectation (before this publication) for the year ending 28 February 2027 to be revenue of £354.3m and Adjusted Profit of £49.9m.
For further information, please contact:
Bloomsbury Publishing Plc
Tamsin Garrity, Group Investor Relations Director
Hudson Sandler
Dan de Belder / Emily Brooker
Disclaimer
Certain statements, statistics and projections in this announcement are or may be forward looking. By their nature, forward‑looking statements involve a number of risks, uncertainties or assumptions that may or may not occur and actual results or events may differ materially from those expressed or implied by the forward-looking statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Accordingly, forward-looking statements contained in this announcement regarding past trends or activities should not be taken as representation that such trends or activities will continue in the future. You should not place undue reliance on forward-looking statements, which are based on the knowledge and information available only at the date of this announcement’s preparation. The Company does not undertake any obligation to update or keep current the information contained in this announcement, including any forward‑looking statements, or to correct any inaccuracies which may become apparent and any opinions expressed in it are subject to change without notice. References in this announcement to other reports or materials, such as a website address, have been provided to direct the reader to other sources of information on Bloomsbury Publishing Plc which may be of interest. Neither the content of Bloomsbury’s website nor any website accessible by hyperlinks from Bloomsbury’s website nor any additional materials contained or accessible thereon, are incorporated in, or form part of, this announcement.
Condensed Consolidated Interim Income Statement
For the six months ended 31 August 2026
Notes
6 months ended
31 August
2026
£’m
6 months ended
31 August
2025
£’m
Year
ended
28 February
2026
£’m
Revenue
3
151.6
159.5
325.9
Cost of sales
(61.5)
(64.9)
(134.3)
Gross profit
90.1
94.6
191.6
Marketing and distribution costs
(19.7)
(21.7)
(42.7)
Administrative expenses
(60.8)
(53.9)
(113.5)
Adjusted operating profit
17.1
24.7
46.1
Highlighted items
4
(7.5)
(5.7)
(10.7)
Operating profit
9.6
19.0
35.4
Finance income
0.5
0.3
0.7
Finance costs
(0.8)
(1.0)
(1.9)
Adjusted Profit
16.8
24.0
44.9
Highlighted items
4
(7.5)
(5.7)
(10.7)
Profit before taxation
3
9.3
18.3
34.2
Taxation
(2.3)
(4.5)
(7.2)
Profit for the period attributable to owners of the Company
7.0
13.8
27.0
Earnings per share attributable to owners of the Company
Basic earnings per share
6
8.66p
16.91p
33.12p
Diluted earnings per share
6
8.58p
16.79p
32.80p
The accompanying notes form an integral part of this condensed consolidated interim financial report.
Condensed Consolidated Interim Statement of Comprehensive Income
For the six months ended 31 August 2026
6 months ended
31 August
2026
£’m
6 months
ended
31 August
2025
£’m
Year
ended
28 February
2026
£’m
Profit for the period
7.0
13.8
27.0
Other comprehensive income
Items that may be reclassified to the income statement:
Exchange differences on translating foreign operations
(0.6)
(9.6)
(9.6)
Other comprehensive income for the period net of tax
(0.6)
(9.6)
(9.6)
Total comprehensive income for the period attributable to owners of the Company
6.4
4.2
17.4
Items in the statement above are disclosed net of tax.
Condensed Consolidated Interim Statement of Financial Position
At 31 August 2026
Notes
31 August
2026
£’m
31 August
2025
£’m
28 February
2026
£’m
Assets
Goodwill
74.8
74.9
74.9
Other intangible assets
46.4
53.5
50.4
Property, plant and equipment
2.6
2.6
2.9
Right-of-use assets
12.6
13.8
12.9
Deferred tax assets
14.3
14.9
14.5
Trade and other receivables
7
0.5
0.6
0.5
Total non-current assets
151.2
160.3
156.1
Inventories
40.7
44.7
39.0
Trade and other receivables
7
141.4
142.1
125.4
Cash and cash equivalents
30.1
17.1
44.0
Total current assets
212.2
203.9
208.4
Total assets
363.4
364.2
364.5
Liabilities
Borrowings
–
14.7
14.8
Lease liabilities
12.7
13.8
13.1
Deferred tax liabilities
1.9
2.2
2.0
Provisions
0.9
0.8
0.8
Total non-current liabilities
15.5
31.5
30.7
Borrowings
7.3
–
–
Trade and other liabilities
123.2
121.8
113.4
Lease liabilities
2.2
1.5
1.9
Provisions
2.0
1.6
2.6
Total current liabilities
134.7
124.9
117.9
Total liabilities
150.2
156.4
148.6
Net assets
213.2
207.8
215.9
Equity
Share capital
1.0
1.0
1.0
Share premium
47.3
47.3
47.3
Translation reserve
1.6
2.2
2.2
Other reserves
13.2
13.9
12.5
Retained earnings
150.1
143.4
152.9
Total equity attributable to owners of the Company
213.2
207.8
215.9
Condensed Consolidated Interim Statement of Changes in Equity
For the period ended 31 August 2026
Share capital
Share premium
Translation
reserve
Merger reserve
Share-based payment reserve
Own shares held by the EBT
Retained
earnings
Total equity
£’m
£’m
£’m
£’m
£’m
£’m
£’m
£’m
At 1 March 2026
1.0
47.3
2.2
1.8
14.3
(3.6)
152.9
215.9
Profit for the period
-
-
-
-
-
-
7.0
7.0
Other comprehensive income
Exchange differences on translating foreign operations
-
-
(0.6)
-
-
-
-
(0.6)
Total comprehensive income for the period
-
-
(0.6)
-
-
-
7.0
6.4
Transactions with owners
Dividends to equity holders of the Company
-
-
-
-
-
-
(9.8)
(9.8)
Purchase of shares by the Employee Benefit Trust
-
-
-
-
-
-
-
-
Share options exercised
-
-
-
-
-
-
-
-
Deferred tax on share-based payment transactions
-
-
-
-
-
-
-
-
Share-based payment transactions
-
-
-
-
0.7
-
-
0.7
Total transactions with owners of the Company
-
-
-
-
0.7
-
(9.8)
(9.1)
At 31 August 2026
1.0
47.3
1.6
1.8
15.0
(3.6)
150.1
213.2
Share capital
Share premium
Translation
reserve
Merger reserve
Share-based payment reserve
Own shares held by the EBT
Retained
earnings
Total equity
£’m
£’m
£’m
£’m
£’m
£’m
£’m
£’m
At 1 March 2025
1.0
47.3
11.8
1.8
13.2
(1.4)
141.1
214.8
Profit for the period
-
-
-
-
-
-
13.8
13.8
Other comprehensive income
Exchange differences on translating foreign operations
-
-
(9.6)
-
-
-
-
(9.6)
Total comprehensive income for the period
-
-
(9.6)
-
-
-
13.8
4.2
Transactions with owners
Dividends to equity holders of the Company
-
-
-
-
-
-
(9.4)
(9.4)
Purchase of shares by the Employee Benefit Trust
-
-
-
-
-
(1.7)
-
(1.7)
Share options exercised
-
-
-
-
-
1.8
(1.8)
-
Deferred tax on share-based payment transactions
-
-
-
-
-
-
(0.3)
(0.3)
Share-based payment transactions
-
-
-
-
0.2
-
-
0.2
Total transactions with owners of the Company
-
-
-
-
0.2
0.1
(11.5)
(11.2)
At 31 August 2025
1.0
47.3
2.2
1.8
13.4
(1.3)
143.4
207.8
Share capital
Share premium
Translation
reserve
Merger reserve
Share-based payment reserve
Own shares held by the EBT
Retained
earnings
Total equity
£’m
£’m
£’m
£’m
£’m
£’m
£’m
£’m
At 1 March 2025
1.0
47.3
11.8
1.8
13.2
(1.4)
141.1
214.8
Profit for the year
–
–
–
–
–
–
27.0
27.0
Other comprehensive income
Exchange differences on translating foreign operations
–
–
(9.6)
–
–
–
–
(9.6)
Total comprehensive income for the year
–
–
(9.6)
–
–
–
27.0
17.4
Transactions with owners
Dividends to equity holders of the Company
–
–
–
–
–
–
(12.7)
(12.7)
Purchase of shares by the Employee Benefit Trust
–
–
–
–
–
(4.8)
–
(4.8)
Share options exercised
–
–
–
–
–
2.6
(2.2)
0.4
Deferred tax on share-based payment transactions
–
–
–
–
–
–
(0.3)
(0.3)
Share-based payment transactions
–
–
–
–
1.1
–
–
1.1
Total transactions with owners of the Company
–
–
–
–
1.1
(2.2)
(15.2)
(16.3)
At 28 February 2026
1.0
47.3
2.2
1.8
14.3
(3.6)
152.9
215.9
Condensed Consolidated Interim Statement of Cash Flows
For the six months ended 31 August 2026
6 months ended
6 months
ended
Year
ended
31 August
31 August
28 February
2026
2025
2026
£’m
£’m
£’m
Cash flows from operating activities
Profit for the period
7.0
13.8
27.0
Adjustments for:
Depreciation of property, plant and equipment
0.7
0.4
0.9
Depreciation of right-of-use assets
1.0
1.0
2.1
Amortisation of intangible assets
7.3
6.4
14.3
Finance income
(0.5)
(0.3)
(0.7)
Finance costs
0.8
1.0
1.9
Share-based payment charges
0.9
0.2
1.1
Tax expense
2.3
4.5
7.2
19.5
27.0
53.8
(Increase)/decrease in inventories
(1.8)
(1.0)
5.6
(Increase)/decrease in trade and other receivables
(14.5)
(15.7)
0.3
Increase/(decrease) in trade and other liabilities
9.6
(7.3)
(15.5)
Cash generated from operating activities
12.8
3.0
44.2
Income taxes paid
(4.3)
(1.8)
(3.4)
Net cash generated from operating activities
8.5
1.2
40.8
Cash flows from investing activities
Purchase of property, plant and equipment
(0.4)
(0.6)
(1.4)
Purchases of intangible assets
(3.4)
(2.8)
(7.5)
Interest received
0.5
0.3
0.7
Net cash used in investing activities
(3.3)
(3.1)
(8.2)
Cash flows from financing activities
Equity dividends paid
(9.8)
(9.4)
(12.7)
Purchase of shares by the Employee Benefit Trust
–
(1.7)
(4.8)
Proceeds from exercise of share options
–
–
0.4
Repayment of borrowings
(7.5)
(7.4)
(7.4)
Interest paid on borrowings
(0.3)
(0.7)
(1.1)
Principal paid on lease liabilities
(0.8)
(0.7)
(1.1)
Interest paid on lease liabilities
(0.5)
(0.3)
(0.7)
Other interest paid
–
–
(0.1)
Net cash used in financing activities
(18.9)
(20.2)
(27.5)
Net (decrease)/increase in cash and cash equivalents
(13.7)
(22.1)
5.1
Cash and cash equivalents at beginning of period
44.0
40.6
40.6
Exchange loss on cash and cash equivalents
(0.2)
(1.4)
(1.7)
Cash and cash equivalents at end of period
30.1
17.1
44.0
Notes to the Condensed Consolidated Interim Financial Statements
1. Reporting entity
Bloomsbury Publishing Plc (the “Company”) is a Company domiciled in the United Kingdom. The condensed consolidated interim financial statements of the Company as at and for the six months ended 31 August 2026 comprise the Company and its subsidiaries (together referred to as the “Group”). The Group is primarily involved in the publication of books and other related services.
2. Significant accounting policies
a) Basis of preparation
These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 ‘Interim Financial Reporting’. They are unaudited and do not constitute statutory accounts. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the last annual consolidated financial statements as at and for the year ended 28 February 2026.
Except as described below, the condensed set of financial statements have been prepared on a consistent basis with the financial statements for the year ended 28 February 2026 and should be read in conjunction with the Annual Report 2026. The annual consolidated financial statements of the Group are prepared in accordance with UK-adopted International Accounting Standards and the requirements of the Companies Act 2006. The 2026 Annual Report refers to other new standards effective from 1 March 2026. None of these standards have had a material impact in these financial statements.
The comparative financial information for the year ended 28 February 2026 does not constitute statutory accounts for that financial year. This information was extracted from the statutory accounts for the year ended 28 February 2026, a copy of which has been delivered to the Registrar of Companies. The auditor’s report on those accounts was unqualified and did not include a reference to any matters to which the auditor drew attention by way of emphasis of matter and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The condensed consolidated interim financial statements were approved and authorised for issue by the Board of Directors on 21 October 2026.
b) Going concern
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the date of approval of the condensed consolidated interim financial statements, being the period of the detailed going concern assessment reviewed by the Board, and therefore continue to adopt the going concern basis of accounting in preparing the condensed consolidated interim financial statements.
The Board has modelled a severe but plausible downside scenario. This assumes:
- Print revenues are reduced by 20%, with recovery during 2028/2029;
- Digital revenues are reduced by 10-20%, with recovery during 2028/2029;
- Print costs are increased by 2% from 2026/2027;
- Downside assumptions about extended debtor days, with recovery late 2027/2028; and
- Cash preservation measures implemented and variable costs reduced.
At 31 August 2026, the Group had available liquidity of £60.1m, comprising central cash balances and its undrawn £30.0m Revolving Credit Facility (“RCF”). The RCF agreement is to March 2029. Under the severe but plausible downside scenario, the Group would maintain sufficient liquidity headroom even before modelling the mitigating effect of actions that management would take in the event that these downside risks were to crystallise.
The Group has an unsecured revolving credit facility with Lloyds Bank Plc. At 31 August 2026, the Group had £nil draw down (H1 2025/26: £nil) of this facility with £30.0m of undrawn borrowing facilities (H1 2025/26: £20.0m) available. The facility comprises a committed revolving credit facility of £30m, and an uncommitted incremental term loan facility of up to £20m.
In May 2024, the Group entered into an unsecured term loan facility with Lloyds Bank Plc, comprising a committed amount of $37.5m. The facility has a three-year term, maturing in May 2027. As at 31 August 2026, the outstanding balance was $10.0m (H1 2025/26: $20.0m).
Both facilities are subject to two covenants, being a maximum net debt to EBITDA ratio of 2.5x and a minimum interest cover covenant of 4x.
c) Uses of estimates and judgments
The preparation of condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Critical judgments and areas where the use of estimates is significant are set out in the 2026 Annual Report.
3. Segmental analysis
The Group is comprised of two worldwide publishing divisions: Consumer and Academic & Professional, reflecting the core customers for our different operations.
These divisions are the basis on which the Group primarily reports its segment information. Segments derive their revenue from book publishing, sale of publishing and distribution rights, management and other publishing services. The analysis by segment is shown below:
Consumer
Academic & Professional
Unallocated
Total
Six months ended 31 August 2026
£’m
£’m
£’m
£’m
External revenue
102.8
48.8
–
151.6
Cost of sales
(46.6)
(14.9)
–
(61.5)
Gross profit
56.2
33.9
–
90.1
Marketing and distribution costs
(16.2)
(3.5)
–
(19.7)
Contribution before administrative expenses
40.0
30.4
–
70.4
Administrative expenses excluding highlighted items
(29.9)
(23.4)
–
(53.3)
Adjusted operating profit / segment results
10.1
7.0
–
17.1
Amortisation of acquired intangible assets
(0.3)
(4.0)
–
(4.3)
Other highlighted items
(3.2)
(3.2)
Operating profit/(loss)
9.8
3.0
(3.2)
9.6
Finance income
–
–
0.5
0.5
Finance costs
(0.3)
(0.2)
(0.3)
(0.8)
Adjusted Profit
9.8
6.8
0.2
16.8
Amortisation of acquired intangible assets
(0.3)
(4.0)
–
(4.3)
Other highlighted items
(3.2)
(3.2)
Profit/(loss) before taxation
9.5
2.8
(3.0)
9.3
Taxation
–
–
(2.3)
(2.3)
Profit/(loss) for the period
9.5
2.8
(5.3)
7.0
Consumer
Academic & Professional
Unallocated
Total
Six months ended 31 August 2025
£’m
£’m
£’m
£’m
External revenue
113.4
46.1
–
159.5
Cost of sales
(53.6)
(11.3)
–
(64.9)
Gross profit
59.8
34.8
–
94.6
Marketing and distribution costs
(18.2)
(3.5)
–
(21.7)
Contribution before administrative expenses
41.6
31.3
–
72.9
Administrative expenses excluding highlighted items
(28.0)
(20.2)
–
(48.2)
Adjusted operating profit/ segment results
13.6
11.1
–
24.7
Amortisation of acquired intangible assets
(0.3)
(4.2)
–
(4.5)
Other highlighted items
–
–
(1.2)
(1.2)
Operating profit/(loss)
13.3
6.9
(1.2)
19.0
Finance income
–
–
0.3
0.3
Finance costs
(0.2)
(0.1)
(0.7)
(1.0)
Adjusted Profit/(loss)
13.4
11.0
(0.4)
24.0
Amortisation of acquired intangible assets
(0.3)
(4.2)
–
(4.5)
Other highlighted items
–
–
(1.2)
(1.2)
Profit/(loss) before taxation
13.1
6.8
(1.6)
18.3
Taxation
–
–
(4.5)
(4.5)
Profit/(loss) for the period
13.1
6.8
(6.1)
13.8
Consumer
Academic & Professional
Unallocated
Total
Year ended 28 February 2026
£’m
£’m
£’m
£’m
External revenue
218.2
107.7
–
325.9
Cost of sales
(107.2)
(27.1)
–
(134.3)
Gross profit
111.0
80.6
–
191.6
Marketing and distribution costs
(35.3)
(7.4)
–
(42.7)
Contribution before administrative expenses
75.7
73.2
–
148.9
Administrative expenses excluding highlighted items
(54.8)
(48.0)
–
(102.8)
Adjusted operating profit/segment results
20.9
25.2
–
46.1
Amortisation of acquired intangible assets
Other highlighted items
(0.6)
–
(8.4)
–
–
(1.7)
(9.0)
(1.7)
Operating profit/(loss)
20.3
16.8
(1.7)
35.4
Finance income
–
–
0.7
0.7
Finance costs
(0.4)
(0.2)
(1.3)
(1.9)
Adjusted Profit/(loss)
20.5
25.0
(0.6)
44.9
Amortisation of acquired intangible assets
(0.6)
(8.4)
–
(9.0)
Other highlighted items
–
–
(1.7)
(1.7)
Profit/(loss) before taxation
19.9
16.6
(2.3)
34.2
Taxation
–
–
(7.2)
(7.2)
Profit/(loss) for the year
19.9
16.6
(9.5)
27.0
Consumer
Academic & Professional
Unallocated
Total
Six months ended 31 August 2026
£’m
£’m
£’m
£’m
Adjusted operating profit/segment results
10.1
7.0
–
17.1
Depreciation
1.1
0.6
–
1.7
Amortisation of internally generated intangibles
1.1
1.9
–
3.0
EBITDA before highlighted items
12.3
9.5
–
21.8
Consumer
Academic & Professional
Unallocated
Total
Six months ended 31 August 2025
£’m
£’m
£’m
£’m
Adjusted operating profit/segment results
13.6
11.1
–
24.7
Depreciation
1.0
0.4
–
1.4
Amortisation of internally generated intangibles
0.8
1.1
–
1.9
EBITDA before highlighted items
15.4
12.6
–
28.0
Consumer
Academic & Professional
Unallocated
Total
Year ended 28 February 2026
£’m
£’m
£’m
£’m
Adjusted operating profit/segment results
20.9
25.2
–
46.1
Depreciation
1.9
1.1
–
3.0
Amortisation of internally generated intangibles
1.9
3.4
–
5.3
EBITDA before highlighted items
24.7
29.7
–
54.4
Adjusted operating profit is operating profit before highlighted items.
External revenue by product type
Six months
ended
31 August
2026
£’m
Six months
ended
31 August
2025
£’m
Year
ended
28 February
2026
£’m
98.0
96.1
201.5
Digital
46.8
49.6
104.3
Rights and services
6.8
13.8
20.1
Total
151.6
159.5
325.9
Rights and services revenue includes revenue from copyright and trademark licences, management contracts, advertising and publishing services.
Total assets
31 August
2026
£’m
31 August
2025
£’m
28 February 2026
£’m
Consumer
44.9
50.7
44.0
Academic & Professional
113.3
119.7
116.7
Unallocated
205.2
193.8
203.8
Total assets
363.4
364.2
364.5
Unallocated primarily represents centrally held assets including system development, property, plant and equipment, right-of-use assets, receivables and cash.
4. Highlighted items
Six months ended
31 August
2026
£’m
Six months ended
31 August
2025
£’m
Year
ended
28 February
2026
£’m
Integration and restructuring costs
3.2
1.2
1.7
Other highlighted items
3.2
1.2
1.7
Amortisation of acquired intangible assets
4.3
4.5
9.0
Total highlighted items
7.5
5.7
10.7
Highlighted items charged to operating profit comprise significant non-cash charges and major one-off initiatives, which are highlighted in the income statement because, in the opinion of the Directors, separate disclosure is helpful in understanding the underlying performance and future profitability of the business.
For the six months ended 31 August 2026, integration and restructuring costs of £3.2m were incurred in respect of restructuring across the business.
For the six months ended 31 August 2025, integration and restructuring costs of £1.2m were incurred in respect of the integration of the Rowman & Littlefield acquisition, the UK distributor move to Hachette UK Distribution and implementation of the new royalty system.
For the year ended 28 February 2026, integration and restructuring costs of £1.7m were incurred in respect of the integration of the Rowman & Littlefield acquisition, the UK distributor move to Hachette UK Distribution and the implementation of the new royalty system.
5. Dividends
Six months ended
Six months ended
Year
ended
31 August
31 August
28 February
2026
2025
2026
£’m
£’m
£’m
Amounts paid in the period
Prior period final dividend
9.8
9.4
9.4
Interim dividend
–
–
3.3
Total dividend payments in the period
9.8
9.4
12.7
Amounts arising in respect of the period
Interim dividend for the period
3.5
3.3
3.3
Final dividend for the year
–
–
9.8
Total dividend for the period
3.5
3.3
13.1
The proposed interim dividend of 4.28p per ordinary share will be paid to the equity Shareholders on 27 November 2026 to Shareholders registered at close of business on 30 October 2026.
6. Earnings per share
The basic earnings per share for the six months ended 31 August 2026 is calculated using a weighted average number of Ordinary Shares in issue of 80,843,020 (31 August 2025: 81,304,651 and 28 February 2026: 81,354,266) after deducting shares held by the Employee Benefit Trust.
The diluted earnings per share is calculated by adjusting the weighted average number of Ordinary Shares to take account of all dilutive potential Ordinary Shares, which are in respect of unexercised share options and the Performance share Plan.
6 months ended
6 months ended
Year ended
31 August
31 August
28 February
2026
2025
2026
Number
Number
Number
Weighted average shares in issue
80,843,020
81,304,651
81,354,266
Dilution
744,544
557,404
789,371
Diluted weighted average shares in issue
81,587,564
81,862,055
82,143,637
£’m
£’m
£’m
Profit after tax attributable to owners of the Company
7.0
13.8
27.0
Basic earnings per share
8.66p
16.91p
33.12p
Diluted earnings per share
8.58p
16.79p
32.80p
Adjusted profit after tax attributable to owners of the Company
13.6
18.8
36.6
Adjusted basic earnings per share
16.82p
23.14p
45.00p
Adjusted diluted earnings per share
16.67p
22.98p
44.47p
Adjusted profit after tax is derived as follows:
Profit before tax
9.3
18.3
34.2
Amortisation of acquired intangible assets
4.3
4.5
9.0
Other highlighted items
3.2
1.2
1.7
Adjusted Profit
16.8
24.0
44.9
Tax expense
2.3
4.5
7.2
Deferred tax movements on goodwill and acquired intangible assets
0.1
0.4
0.7
Tax expense on other highlighted items
0.8
0.3
0.4
Adjusted tax
3.2
5.2
8.3
Adjusted profit after tax
13.6
18.8
36.6
The Group includes the benefit of tax amortisation of intangible assets in the calculation of adjusted tax as this more accurately aligns the adjusted tax charge with the expected cash tax payments.
7. Trade and other receivables
31 August
31 August
28 February
2026
2025
2026
Non-current
£’m
£’m
£’m
Contract assets
0.5
0.6
0.5
Current
Gross trade receivables
82.9
80.9
72.9
Less: loss allowance
(2.3)
(2.1)
(2.2)
Net trade receivables
80.6
78.8
70.7
Income tax recoverable
3.4
2.2
1.3
Other receivables
3.2
3.6
2.7
Prepayments
5.2
3.6
4.8
Contract assets
9.1
19.7
9.5
Royalty advances
39.9
34.2
36.4
Total current trade and other receivables
141.4
142.1
125.4
Total trade and other receivables
141.9
142.7
125.9
Non-current receivables relate to accrued income on long-term rights deals.
Trade receivables principally comprise amounts receivable from the sale of books due from distributors.
A provision is held against gross advances payable in respect of published titles advances which may not be fully earned down by anticipated future sales. As at 31 August 2026 £7.9m (31 August 2025 £9.9m and 28 February 2026 £13.0m) of royalty advances relate to titles expected to be published in more than 12 months’ time.
8. Related parties
The Group has no related party transactions in the current or prior periods other than key management remuneration.
9. Anthropic Copyright Settlement
The Group is a Class Member in the U.S. copyright class action lawsuit (Bartz et al. v. Anthropic PBC), in which the U.S. District Court for the Northern District for California ruled that Anthropic faced liability for downloading pirated books to build and maintain a central library. On 20 July 2026, the Court granted final approval of a Class-wide Settlement Agreement under which Anthropic PBC agreed to establish a total settlement fund of $1.5 billion to resolve claims relating to such actions.
The Group has submitted claims to the Settlement Administrator in accordance with the terms of the Settlement Agreement, and is currently working through the settlement process.
The Group has not recorded an asset, or associated income, in relation to this matter in the interim financial statements for the six months ending 31 August 2026, as the quantum and timing of any settlement is insufficiently certain at this stage.
Principal risks and uncertainties
Bloomsbury has a systematic and embedded risk management process for identifying, evaluating and managing risk, with the goal of supporting the Group in meeting its strategic and operational objectives.
The principal risks for the Group’s business are summarised as follows:
- Market: including market volatility, impact of economic instability, increased dependence on internet retailing, open access, sales of used books and rental of textbooks;
- Importance of digital publishing: BDR revenues and profit;
- Acquisitions: return on investment;
- Title acquisition (Consumer publishing): Commercial viability;
- Information and technology systems: Cybersecurity and malware attack, and internal access controls or security measures;
- Financial valuations: Judgemental valuation of assets and provisions;
- Intellectual property: Erosion of copyright and infringement of Group IP by third parties;
- Reliance on key counterparties and supply chain resilience: Failure of key counterparties or breakdown in key counterparty relationships;
- Talent management: Failure to attract and retain key talent and create an inclusive and supportive environment in which the Group’s employees can thrive;
- Legal and compliance: Breach of key contracts by the Group and failure to comply with applicable regulations; and
- Reputation: Investor confidence.
- Cost inflation: Print supply, distribution and staff costs.
Further information about the principal risks and risk management is included in the 2026 Annual Report and Accounts.
Responsibility Statement of the Directors in Respect of the Interim Financial Statements
Directors
Nigel Newton
Executive Chairman
John Bason
Independent Non-Executive Deputy Chairman
Senior Independent Director
Chair of the Nominations Committee
Leslie-Ann Reed
Independent Non-Executive Director
Chair of the Remuneration Committee
Chair of the Audit Committee
Dame Heather Rabbatts
Independent Non-Executive Director
Chris Blatchford
Independent Non-Executive Director
Jenny Ridout
Global Managing Director of Bloomsbury’s Academic and Professional Division
Keith Underwood
Chief Financial & Operating Officer
We confirm that to the best of our knowledge:
- The condensed set of financial statements has been prepared in accordance with UK-adopted International Accounting Standard 34 ‘Interim Financial Reporting’.
- The interim management report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.
By order of the Board
Nigel Newton Keith Underwood
21 October 2026
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